德意志银行-xx原油与天然气行业上半年预览-20170804-deutschebank-chinaoil＆gas：1h17o＆gpreview，firingonallcylinders.pdfVIP

China Oil Gas Deutsche Bank Markets Research Asia Industry Date China China Oil Gas 4 August 2017 Energy Oil Gas Industry Update 1H17 OG preview: Firing on all cylinders Johnson Wan 1H17 earnings preview for China OG Given the lackluster performance of H-share listed OG stocks to date (-6.2% Research Analyst vs index up 26.7%), 1H17 results might just be the catalyst thats needed to +852-2203 6163 give the sector a boost. We believe every single segment, including EP, mid- stream, downstream and OFS, saw a notable improvement in earnings, thanks Vitus Leung to oil prices recovering to USD53/bbl from USD41/bbl a year earlier. The biggest Research Analyst swing should be in upstream, with CNOOC and PTR likely returning to profit, +852-2203 6158 while the OFS names should see losses decline significantly; COSL has already returned to profit in 2Q. Even for RC, which had a high base from last year, core Key Changes operating income (excluding 1Q16 windfall refining profit) should still improve Company Target Price Rating 14% yoy. The segments that likely lagged were pipelines and marketing, but even 0386.HK 7.44 to 7.27 here earnings should still be up 10-25% by our estimates. Top picks to own going 0857.HK 4.77 to 5.51 into the results: COSL and CNOOC. 2386.HK 9.20 to 9.00 0883.HK